Wall Street debut

Two of the top state-run companies in Korea became the first firms in the country to be listed on the New York Stock Exchange. Pohang Iron and Steel Co. and Korea Electric Power Corp.'s listing on the stock exchange also served to boost the Korean economy as it eliminated obstacles to foreign capital markets, thus making it easier for other Korean companies to build up cheaper funds from foreign sources. It also heralds the entry of the Korean financial industry into the international financial community.